chicago-condos & Chicago Real Estate pcherry on 02 Jan 2009 01:33 pm
November ‘08 Chicago Home Prices Drop 41.3% From ‘07 Levels
January 2, 2009 - Since we just told you about the October data that showed Chicago home prices fared better than the national average, we thought we’d pass on the findings just released by the Illinois Association of Realtors for November 2008. According to their data, sales of single-family homes and condos in Chicago dropped 33.9% from November 2007 to November 2008. In November ‘07, there were 9,191 sales compared to 6,076 sales in November ‘08. Total home sales from January-November ‘07 were 132,388. That same period this year, January-November ‘08 recorded sales of 100,435 homes. For total single-family home and condo sales for in-town Chicago, November ‘08 showed a 41.3% drop compared to November ‘07.
There was also a decline in that same 11 month period for the median home price for the Chicago area. In 2007 the average was $202,000 while now the average is $186,000. That amounts to a 7.9% drop. If you look at the month of November ‘08 alone compared to November ‘07, the decline in median price is steeper at 13.2%.
The bright spots mostly shine on anyone in a position to buy Chicago real estate right now. The glut of new construction condos that have come online in the past couple of years coupled with the foreclosure properties has made it a buyer’s market. Prices for the most part continue to fall and mortgage rates are at a historic low right now. It’s possible to get a lock of 5.19% on a 30 year fixed-rate mortgage, which is the best deal seen since the early 1970s. Once again, Condos In Chicago have managed to stay ahead of the national average in terms of value retention.
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